Valley home prices to surpass $500K by late 2022, experts say

By Jim Cross | KTAR

PHOENIX – Home prices in metro Phoenix are still going up and real estate experts are projecting an average of $517,000 next year.

Online real estate marketplace Zillow says house hunters will face that half-million-plus hurdle by September 2022.
The company says the typical price of homes in the Valley reached $410,028 as of the end of September 2021. Last year at this time the number was $310,000.

Valley economist Jim Rounds says once interest rates start climbing, that will put additional strain on people trying to buy homes and still afford education, transportation, etc.

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